William S. Taubman Sells 35,000 Shares of Taubman Centers, Inc. (TCO) Stock
Taubman Centers, Inc. (NYSE:TCO) COO William S. Taubman sold 35,000 shares of Taubman Centers stock in a transaction dated Wednesday, December 13th. The shares were sold at an average price of $62.68, for a total value of $2,193,800.00. Following the transaction, the chief operating officer now directly owns 67,633 shares in the company, valued at approximately $4,239,236.44. The transaction was disclosed in a legal filing with the SEC, which is available through this link.
Shares of Taubman Centers, Inc. (NYSE TCO) opened at $63.73 on Friday. The company has a market capitalization of $3,800.01, a P/E ratio of 17.29, a P/E/G ratio of 5.05 and a beta of 0.62. Taubman Centers, Inc. has a 12 month low of $44.78 and a 12 month high of $76.79. The company has a quick ratio of 0.35, a current ratio of 0.35 and a debt-to-equity ratio of -21.77.
Taubman Centers (NYSE:TCO) last announced its quarterly earnings results on Wednesday, November 1st. The real estate investment trust reported $0.83 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.89 by ($0.06). The firm had revenue of $153.20 million during the quarter, compared to the consensus estimate of $155.95 million. Taubman Centers had a net margin of 13.21% and a negative return on equity of 75.87%. The company’s quarterly revenue was up 3.5% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.94 EPS. research analysts expect that Taubman Centers, Inc. will post 3.71 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, December 29th. Investors of record on Friday, December 15th will be paid a $0.625 dividend. The ex-dividend date of this dividend is Thursday, December 14th. This represents a $2.50 annualized dividend and a dividend yield of 3.92%. Taubman Centers’s payout ratio is 238.10%.
Several hedge funds and other institutional investors have recently made changes to their positions in the stock. California Public Employees Retirement System grew its stake in shares of Taubman Centers by 6.2% in the 3rd quarter. California Public Employees Retirement System now owns 154,277 shares of the real estate investment trust’s stock valued at $7,668,000 after buying an additional 9,064 shares in the last quarter. Cubist Systematic Strategies LLC bought a new stake in shares of Taubman Centers in the 3rd quarter valued at approximately $368,000. Alyeska Investment Group L.P. bought a new stake in shares of Taubman Centers in the 3rd quarter valued at approximately $883,000. Asset Management One Co. Ltd. grew its stake in shares of Taubman Centers by 1.1% in the 3rd quarter. Asset Management One Co. Ltd. now owns 131,663 shares of the real estate investment trust’s stock valued at $6,615,000 after buying an additional 1,458 shares in the last quarter. Finally, AMP Capital Investors Ltd grew its stake in shares of Taubman Centers by 228.3% in the 3rd quarter. AMP Capital Investors Ltd now owns 67,728 shares of the real estate investment trust’s stock valued at $3,366,000 after buying an additional 47,100 shares in the last quarter.
TCO has been the topic of several research analyst reports. Morgan Stanley cut Taubman Centers from an “equal weight” rating to an “underweight” rating in a research note on Monday, September 18th. Zacks Investment Research raised Taubman Centers from a “sell” rating to a “hold” rating in a research note on Monday, August 28th. BMO Capital Markets initiated coverage on Taubman Centers in a research note on Monday, September 11th. They set an “underperform” rating on the stock. J P Morgan Chase & Co cut Taubman Centers from an “overweight” rating to a “neutral” rating and lowered their target price for the company from $64.00 to $57.00 in a research note on Tuesday, September 26th. Finally, Jefferies Group reaffirmed a “neutral” rating on shares of Taubman Centers in a research note on Friday, October 13th. Two analysts have rated the stock with a sell rating, ten have issued a hold rating and two have assigned a buy rating to the stock. Taubman Centers presently has a consensus rating of “Hold” and a consensus target price of $64.75.
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About Taubman Centers
Taubman Centers, Inc is a self-administered and self-managed real estate investment trust (REIT). The Company’s segment is focused on owning, developing and managing regional shopping centers. The Taubman Realty Group Limited Partnership (the Operating Partnership or TRG) is majority-owned partnership subsidiary of the Company that owns direct or indirect interests in all of its real estate properties.
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